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August 4, 2020

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New home sales up but cost drops

New home sales in Shanghai climbed during the last week of July, market data showed.

The total area of new residential properties sold, excluding government-subsidized affordable housing, rose 5.7 percent week over week to around 234,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a regular report yesterday.

Citywide, Nanhui region of the Pudong New Area surpassed Qingpu District to become the most popular area with weekly sales totaling 49,000 square meters. Qingpu and Baoshan districts followed most closely, registering deals of around 29,000 square meters and 23,000 square meters, respectively, Centaline data showed.

The average new home cost, meanwhile, dipped 0.8 percent week over week to 51,132 yuan (US$7,315) per square meter.

“Buying momentum remained strong with nine districts/regions posting sales above the 10,000-square-meter threshold, one fewer than the previous week,” said Lu Wenxi, Centaline’s senior researcher. “Notably, luxury developments with a price tag of more than 100,000 yuan per square meter also returned to the list of top 10 projects, for the first time in three weeks.”

On the supply side, about 98,000 square meters of new houses spanning four projects were released into the local market last week, a jump of 70.6 percent from the previous seven-day period.


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